Stocks

Music Broadcast announces bonus issue of NCRPS; shares surge 20%

| Updated on October 23, 2020 Published on October 23, 2020

Music Broadcast Ltd, a private FM Radio Broadcaster announced bonus issue of non-convertible non-cumulative redeemable preference shares (NCRPS) for every ten shares held by non-promoter shareholders.

The issue price will be ₹100/share, including a premium of ₹90 and face value of ₹10.

The total issue size will be worth ₹90 crore, and the coupon rate for the same ill be 0.1 per cent. The NCRPS will be redeemed on the expiry of 36 months from the date of allotment, the company said. The record date is to determined in due course. The redemption price has been fixed at ₹120.

Shares price of the company has risen as much as 20 per cent to ₹21.35.

Key Highlights of Q2 FY21 financials

Sequential Recovery

Top line of ₹30.1 crore compared to ₹14.4 crore in Q1FY21

Continued cost control led to faster improvement in profitability

EBITDA improved to ₹3 crore compared to ₹15.2 crore in Q1FY21

Cash Profit ₹0.44 crore as against Cash Loss of ₹10.9 crore in Q1 FY21

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Published on October 23, 2020
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